Household HSBC Watch

By Cliff D’Arcy - June 16, 2005 - I’m sorry to tell you this, but the chances are that you’ve got a ropey bank account, too! Roughly eight out of ten adults with a current account has a traditional account with one of the Big Four (Barclays, HSBC, Lloyds TSB and NatWest). Stick with one of these stinkers and you’ll be hit by this triple whammy:

Eye-wateringly high rates of interest on overdrafts, especially when you slip into the red without permission;

Pitiful rates of interest on credit balances: typically 0.1% a year, or £1 per grand per year;

Outrageously punitive fines if you go over your overdraft limit, bounce a cheque or other payment, etc. But it doesn’t have to be this way, because a new generation of bank accounts is wiping the floor with these dinosaur-like products.